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S-corp election for HVAC business owners: file Form 2553 in September for a January 1 start, set payroll and salary in the slow season, and skip the March scramble.
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How Disability Income Benefits Are Taxed

If you’ve recently begun receiving disability income, you may be wondering how it’s taxed. The answer depends on a few different factors. The key issue is: Who paid

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How Do Taxes Factor Into an M&A Transaction?

According to various reports, merger and acquisition activity has been down in 2022, but companies are still being bought and sold. If your business is considering merging with

2022-Q3-tax-calendar-business

2022 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind this list isn’t all-inclusive, so additional

estate-plan-income-tax-planning

Your Estate Plan: Don’t Forget About Income Tax Planning

Many people no longer need to be concerned with federal estate tax because of the current estate tax exemption amount ($12.06 million in 2022). Before 2011, a much

Taxes-on-Social-Security-benefits

Social Security Benefits: Do You Have to Pay Tax on Them?

Once some people begin claiming Social Security benefits, they are surprised to find out they’re taxed by the federal government on the amounts they receive. Wondering whether you’ll

Roth IRA conversion

Is It a Good Time for a Roth Conversion?

The downturn in the stock market may have caused a decrease in the value of your retirement account, but if you have a traditional IRA, this decline may

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The Ins and Outs of Series EE Savings Bond Taxation

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional

Partners-may-have-to-report-more-income-on-tax-returns

Partners May Have to Report More Income on Tax Returns than They Receive in Cash

If you’re a partner in a business you may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income

IRA-charitable-donations

IRA Charitable Donations: An Alternative to Taxable Required Distributions

Are you charitably minded and also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved

lower-1099-K-filing-threshold

Businesses: Prepare for the Lower 1099-K Filing Threshold

If you have a business you should be aware that youmay be responsible for issuing more information reporting forms for 2022 because more workers may fall into the

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Inflation Enhances the 2023 Amounts for Health Savings Accounts

The IRS recently released guidance providing inflation-adjusted amounts for Health Savings Accounts (HSAs) in 2023. Next year’s amounts are being increased more than they have been in recent

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Valuable Gifts to Charity May Require an Appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply information proving their right

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